6 INTRODUCTION According to the American Bar Association, 8% of all lawyers work in private industry. 1 Here at YLS, a handful of students pursue business internships for the summer and entry-level positions after graduation. Typically 10% of our graduates are working in a business setting five years after graduating law school. 2 In this guide, we will discuss the business settings most desired by YLS students in house positions, management consulting, and positions in finance, including investment banking, venture capital, private equity and hedge funds. Students with strong analytical and quantitative skills, business sense, leadership potential, and an ability to handle the fast-paced culture typical of the business world, may want to consider one or more of these career paths. CHAPTER 1 IN-HOUSE PRACTICE At its most basic, the job for an in-house lawyer is to apply her legal knowledge and skills to help a company succeed, while identifying and protecting the company against risks. The size and nature of the company will typically dictate the specific role of the in-house lawyer. In smaller organizations, in-house lawyers usually have a general role and are responsible for overseeing all of the company s legal relationships, including with other companies, government agencies, and investors, as well as internally with employees, management, and directors. In larger organizations, in-house lawyers usually have a specific role, handling the company s needs in a discrete area of the law. As compared to law firm lawyers, company lawyers learn more directly and acutely about the interplay of business and law how business affects legal decision-making and how law has an impact on business affairs. In-house lawyers may also spend less time researching and writing about the law, in favor of making judgments about different facts that may have an impact on the business. Finally, in-house lawyers are responsible to one client the company as opposed to law firm lawyers, who serve many different clients. 1. Small Companies (Non-public) A. Practice Settings At some point in a company s existence, the executives may decide that it makes business sense for the company to hire an in-house lawyer. The reasons may include the expense and inefficiency of using an outside law firm for all legal matters, or the desire to include a mind with legal training among the decision makers. Depending on the lawyer s level of experience and his or her anticipated role, he or she may be hired to manage and oversee all legal relationships internal and external to the company or, in some less frequent cases, to perform a more narrow function, such as administering commercial contracts. 1 Lawyer Demographics, American Bar Foundation (2009) available at 2 What Yale Law School Graduates Do: A Summary of CDO s 5th Year Career Development Survey, Classes available online at Yale Law School Career Development Office 5

7 Responsibilities may include: Setting up the appropriate corporate structure for the company, whether it be a C corporation, subchapter S corporation, limited liability company, or partnership, and reviewing use of subsidiaries to limit liability and obtain favorable tax treatment. Making sure that the company is complying with all corporate formalities, such as by-laws, board meetings, board minutes, resolutions, annual meetings, state filings and stock issuance, to name a few. Ensuring that all company assets are properly protected, particularly intellectual property, and that patents have been filed, trademarks applied for, and copyright labeling properly utilized by the company, particularly with regard to its sales and marketing function. Developing and implementing a code of conduct and employee policies, including training and employee agreements, in areas such as sexual harassment, confidentiality and non-disclosure, ethics, government relations, bribery, conflict of interests, and so forth. Complying with state and federal employment laws. Reviewing tax status and coordinating with the finance department s tax group. Complying with applicable federal, state, and international regulations, including obtaining any necessary licenses to conduct the company s business, including service authorizations that, in a regulated industry, take on great importance. Documenting all legal relationships with written contracts, standardizing frequently used agreements and forms, and implementing an approval process for decision-making. Managing litigation, generally handled by outside counsel, particularly if it involves substantial risk or assets. Overseeing outside counsel, determining what to outsource, managing the legal budget, and supervising staff, if any. The in-house counsel for a small company thus serves as a jack-of-all trades and should be prepared to handle everything from first-year associate-like matters to problems senior law firm partners would typically handle. Because a company will usually seek as its first lawyer one with experience and demonstrated ability, and because that lawyer will not be surrounded by legal colleagues and supervisors, the opportunity to serve as a company s first lawyer will likely come after several years of practice. 2. Transitional Companies (Raising Capital) To grow, a company needs capital. A company can take many avenues for obtaining that capital: it can seek to go public by listing its stock on an accredited exchange for purchase and trading by the general public; it can sell shares in a private placement; or it can exchange equity for capital from venture capitalists. To go public and for most private placements, a company must comply with the requirements of the Securities and Exchange Commission (SEC). That means the company needs lawyers. As a company prepares to sell part of its equity to raise capital, the role of the in-house lawyer is enhanced. In taking the company public, the general counsel will work with outside counsel to coordinate preparation of all filings with the SEC, comply with state blue sky laws, as well as work with investment bankers and underwriters, if going public. At this point, the attorney s primary client is probably the company s chief financial officer, who is generally managing the fundraising process for the company. Additionally, the company may be ready to expand its legal department as its day-to-day legal requirements increase and become more varied. A lawyer with only a few years of experience may be well-suited to one of the secondary roles in a growing company (typically known as an assistant or deputy general counsel). In addition to the benefits Yale Law School Career Development Office 6

8 noted above, a lawyer joining a company at this stage will have the experience of working, and networking, with the legal and investment communities in a concerted effort to take the business to a new level. 3. Large Companies (Public) Large companies, such as Fortune 500 companies, will have many in-house lawyers. Headed by the Chief Legal Officer or General Counsel, the legal department in a large company may have numerous associate or assistant general counsel, and perhaps 100 or more staff attorneys working to service the needs of the company. The responsibilities of an attorney in a large in-house legal department vary depending on the department s structure. The department may be centralized, with attorneys working in groups supervised by an assistant general counsel and ultimately the general counsel. In this structure, each group is typically given responsibility for certain discrete areas, such as litigation, corporate governance, tax, contracts, regulatory affairs, or employment. In the other model, the attorneys are decentralized and each division or business unit of the company may have lawyers who handle a wide-range of general issues involving just that particular division, with the division s legal head reporting dually to the division business head and the corporate legal head. A significant part of an in-house attorney s time in a large company is spent interacting with outside legal counsel. As a result, it is critical that an in-house attorney has excellent communication skills, people skills, and business savvy. B. The Job As described in Section A above, the exact role and responsibilities of an in-house counsel can vary tremendously depending on the type of company. However, there are some typical reasons that propel a lawyer along the road to an in-house position, including: Lifestyle By and large, in-house lawyers have a more predictable schedule than those in law firms. Not driven by the burden of billable hour requirements, in-house lawyers typically have more control over their schedules, and thus can seek to balance their personal and professional lives. Career Transition An in-house position can be the first step out of the legal sphere and into a career in business. Many lawyers find that the route to promotion once in-house is not within legal, but by moving into a business role. Client Contact The law firm lawyer may give legal advice to a partner in the law firm, through whose filter it may finally find its way to the client, who is in turn often an attorney. There is seldom an intermediary between the in-house lawyer and her client she will render advice directly to the executives or company employees. Decision-making The in-house lawyer may seek advice from outside counsel and others, but ultimately will be responsible for making decisions and taking action on behalf of the corporation. There are also some disadvantages to working in-house. One disadvantage is that most legal departments operate on a limited budget, with few support personnel and legal resources devoted to that department. Another frustration cited by in-house counsel is the client s demand for quick answers. Because of time constraints, in-house counsel often do not have time to research issues fully before rendering legal advice. Yale Law School Career Development Office 7

9 While some attorneys enjoy working under these conditions, others find this type of setting stressful. Advancement can potentially be an additional disadvantage for in-house counsel. A shortage of opportunities due to minimal turnover, a lack of clarity about promotion criteria, and a lack of encouragement to move to the business side of the company may be barriers to advancement. Moreover, in a challenging economy, corporate jobs, which can to offer a career with job security, may no longer be so secure. Acquisitions, mergers, down-sizing, outsourcing, changes in management, and the industry s prospects are all factors that impact the stability of in-house positions. Finally, in-house positions offer fewer opportunities to provide pro bono legal services. Corporate charity is usually a marketing function involving executives and the economic and legal structure of a for-profit company often does not lend itself easily to pro bono work. For additional information about the advantages and disadvantages of in-house practice, consult the alumni perspectives in Chapter 4 of this guide. C. Who Gets In-house Jobs? Lawyers do not typically begin their legal careers working for companies. The more typical route is for lawyers with some years of experience in another setting, such as a law firm or government, to seek a position with a company. Relative to law firms, in-house training for lawyers is rarely disciplined and can be lacking all together. Thus, mid-level associates at large law firms can be the most attractive candidates for entry or mid-level in-house positions. Generally, these lawyers have been well-trained, are not yet priced out of the in-house salary range, and are not so wedded to the resources of a law firm that they cannot adapt to sparse secretarial help and few, if any, easily accessible legal source materials such as reporters and treatises, that often characterize the in-house practice. This is where the most hiring tends to take place, as the more senior company positions that would attract senior associates and partners are fewer and more competitive. Depending on the industry and the economy, companies tend to seek attorneys to provide help in one or more of the following areas: corporate, commercial, employment, intellectual property, or regulatory. Experience with corporate drafting, licensing, and negotiation is a plus. Big deal and M&A experience, while helpful, is not the same as sales and vendor contracts that are often a company s bread and butter. Litigation associates are not left out entirely, for they will be attractive to large companies needing handson litigation work, or oversight of litigation being handled by outside counsel. Most companies, however, outsource litigation when it arises. Although law firm associates will receive unsolicited telephone calls from legal recruiters who have been hired to fill in-house positions, associates referred to a corporation through a known reference or attorneys with whom the in-house lawyers have worked will have a distinct advantage in getting hired. Unlike law firms, many companies do not use recruiters, particularly for non-executive positions, as the cost of recruiting that way is very expensive. Yale Law School Career Development Office 8

10 D. Salaries Other than the Chief Legal Officer, salaries for in-house lawyers are typically lower than those found in large law firms. According to a recent survey of law department compensation by Altman Weil 3, the national median salary for Chief Legal Officers was $300,000; the median salary for those in a senior attorney position was $203,000; and a junior counsel earned $70,600. However, simply knowing the base salary does not tell the whole picture about in-house compensation. Most senior in-house positions also receive income in the form of bonuses and/or stock awards. Bonuses are often tied to company performance. According to the 2010 Corporate Counsel General Counsel Compensation Survey 4, the average bonus for the 100 most highly paid general counsels was $947,781, while the average salary was $619,000. As the dot.com boom illustrated, in-house lawyers also have the potential to get rich through stock options. Typically, the smaller and younger a company, the better chance a junior attorney will have of negotiating for a substantial number of stock options. At larger companies, potentially significant option grants are usually reserved for executives. However, with the dot.com bust, Sarbanes-Oxley and increased focus on corporate behavior, stock options have lost much of their attractiveness. Slower growth and more rational exuberance means stock prices and IPOs are less likely to soar. New accounting requirements are causing companies to grant fewer options, or use other stock incentives that have less upside. Finally, options have no value if the price at exercise time is below its level when granted and/or the attorney has left before the options have vested and become eligible for sale. Other benefits may derive from the company s business itself, particularly for those on the consumer side. Many lodging companies offer their employees free hotel nights where availability exists and most airlines allow their employees to fly free if seats are unused. Health care benefits can vary, but are not necessarily as good as firm offerings, and company 401K contributions or matches can fluctuate as well. And of course, the economic downturn of 2008 has had an impact on in-house compensation. In fact, Altman Weil reports through their flash survey of general counsel that 75% of general counsel indicated that their law departments faced budget cuts averaging 11.5% in Overall, it is rare for in-house compensation to be the main draw for attorneys thinking of leaving law firms. Life style, hours, work environment, client contact, business impact, and responsibility are among the primary reasons attorneys choose to go, and elect to stay, in-house. E. Job Search Strategy As has been discussed earlier, most companies do not hire attorneys straight from law school. Instead, they seek attorneys with experience who can hit the ground running. In that sense, the smartest job search strategy is to commence your legal career in a position which will enable you to work on the substantive legal issues most relevant to your desired company and with clients for whom you would be most interested in working one day. For example, if your ultimate goal is to work for an entertainment company, start with an entertainment law firm representing the types of clients most appealing to you. Think strategically about your geographic choices as well. Companies involved in particular industries are often clustered in certain geographic locations (e.g., oil and gas in TX, entertainment in CA, international finance in NY). It will be an easier job search if you are in close proximity to the employers for whom you wish to work. 3 Available at under Articles, News & Resources under Survey and Market Research News, September 8, Available at by clicking surveys and rankings and then compensation survey in the In-House Counsel section, July 21, 2010 Yale Law School Career Development Office 9

11 Working for a summer as a legal intern with a company is a nice way to learn more about this career path. Unfortunately, although some companies offer internship opportunities, information about them is scarce. If you have a company in mind for whom you would like to intern, visit their website to determine if they offer a legal internship opportunity. Be sure to tap into alumni to assist you in exploring in-house opportunities. You can find alumni with in-house experience through the following resources: Our alumni mentor network, YLS Career Connections (www.law.yale.edu/careerconnections). Narrow your search by selecting attorney in the position type field and corporation/business in the Employer Type field to locate alumni with in-house experience. Martindale Hubbell (www.martindale.com) provides listings for in-house counsel and corporate legal departments. Click advanced search and then type Yale into the law school attended. That search will pull up all Yale alumni and on the left side, under Organization Type you will be able to view the list of corporate counsel, more than 800 YLS graduates. The Directory of Corporate Counsel, which is available in the law library and in CDO, provides information on over 7,000 corporations and nonprofit organizations. An index allows you to locate the YLS alumni who are included in the Directory. For those in the market for positions requiring experience, or if you simply wish to learn more about the types of positions available and the credentials those employers seek, two good resources are the Association of Corporate Counsel (www.acc.com) and the Minority Corporate Counsel Association (www.mcca.com). Both of these sites provide free access to in-house job postings. In terms of assessing opportunities, like law firms, in-house opportunities vary greatly. To determine whether a company would be a good place for you to work either as an intern or as a permanent position, start by gaining an understanding of the company s business. Is the industry growing or on shaky ground? Learn as much as you can about its financial stability. If the company is small or a start-up venture, ask to speak with an outside accountant or investor and see the internal financial statements and projections. For public companies, review their SEC filings, which show the company s present financial picture. Investigate the company s key business and legal players because these people will have the greatest impact on your work life. Do they make sound business decisions? Have they had previous successful business ventures? How do the business people treat the in-house lawyers? Inquire with attorneys in the legal department about the financial support, administrative assistance, and library and computer resources provided to the in-house lawyers. Learn as much as you can about the corporate culture. How does the company handle customer complaints? Gain an understanding of what your role in the company will be. To whom will you report? Will you be responsible for a particular area of law or a variety of legal issues? Finally, how are lawyers regarded by the business side? Are they seen as partners, or police, to be avoided and kept in the dark? When accepting an in-house position, negotiate up front for the best deal you can obtain. Changes in title, salary, and equity come slower in-house and are usually derived from your starting point. Yale Law School Career Development Office 10

12 CHAPTER 2 MANAGEMENT CONSULTING Management consultants are hired as advisors to corporations to address business problems in a whole host of areas including human resources, product development, healthcare, information technology and litigation strategy. The largest consulting firms provide advice about strategic and core operational issues. Smaller, boutique consulting firms are often focused in a particular area of consulting, such as financial services or market research. For many years now, consulting firms have sought out talented students beyond those in MBA programs. For students with a keen interest in business, excellent problem-solving ability, and a willingness to travel, a career with a management consulting firm could be the right path. A. The Industry The majority of Yale law students and graduates interested in consulting commence their consulting careers with large, generalized management consulting firms such as McKinsey & Company, Boston Consulting Group or Bain. These firms typically provide strategic or operational advice to top executive officers in Fortune 500 companies. Consultants in these firms start as generalists, working on a variety of projects and industries and may or may not specialize after a few years. Another type of consulting firm is the boutique strategy firm. As the name indicates, these firms provide consulting advice to a specific industry, process or type of client. For example, Towers Perrin and Mercer Human Resources Consulting provide human resources and benefits consulting. Cornerstone Research focuses on litigation support and The Advisory Board focuses on healthcare and the pharmaceuticals industry. A number of firms, including Accenture, Gartner, Inc. and IBM Global Services, provide technology and systems consulting advice. In recent years more and more corporations have created their own internal consulting groups, hiring consultants either from within the corporation or from external firms. Internal consulting groups are usually formed around a particular practice area in the company. The most common areas are: organizational development, process management, information technology, training and development, and design services. In some cases companies prefer internal consultants when projects involve proprietary information or tacit knowledge, which may be difficult and expensive to transfer to an outside firm. B. The Job Consultants are hired to advise businesses. In general terms, they define problems, develop methods for solving problems, and solve the problems. Strategy consulting relates to helping to shape a company s relationships to its outside environment. Strategy consultants work with high-level executives who are in charge of deciding the direction of their company. Operations consulting relates to assisting with a company s internal focus. The goal of operations consultants is to advise a company on restructuring their organization to optimize operations. These are typically long term projects with consultants becoming very familiar with the company s daily operations. Information technology consultants suggest ways for companies to apply technology to achieve business goals. A particular consulting project may fall squarely into one of these three models, or may be broad enough to fit them all. In completing their projects, consultants almost always work in teams that report directly to the client s top management. Wetfeet s Careers in Management Consulting, available in CDO, provides some helpful examples of the types of matters a consulting firm would be hired to address: Yale Law School Career Development Office 11

13 A large high-tech company asks a consulting firm to help it determine the best location for a new plant. The consultant examines the qualitative and quantitative costs and benefits of locating in different countries, makes recommendations to the client s management team, and negotiates on the client s behalf to acquire the particular site. A medical device manufacturer sees an opportunity to increase its value by expanding its product line. It hires a consulting firm to help it confidentially evaluate several targets for acquisition and determine a fair market price. After extensive market research and a thorough valuation of the opportunity, the client authorizes the consulting firm to approach management of the target company and initiate discussions about a potential acquisition. A large consumer products company wants to step up its Web presence. Specifically, it wants to know how it can use the Internet to market toiletries to consumers. It engages a strategy consulting firm to probe its target audience to find out its habits, concerns, and desires related to the Internet and personal-care products. The project team interviews people and runs focus groups. When the data is in, the team argues that e-commerce is not in the foreseeable future for the client s personal-care business, but that the Web can be used as an effective brand-building channel. Law graduates, like candidates with other graduate degrees, typically start out as consultants/associates or senior consultants. At the large, generalized consulting firms, consultants start as generalists, and may or may not specialize in a particular industry in later years. Typical responsibilities of an associate include leading client working sessions and managing client relationships; designing, conducting and presenting research and analysis to clients; and developing new hypotheses that inform the direction of projects. Consulting firms typically provide several weeks of training to incoming associates and periodic ongoing training during the year to help develop these skills. Although these are tenure-track positions, many associates leave after a couple of years to pursue other positions including starting a business or working in a Fortune 500 company. Those who don t leave will move up to manager after a few years, then director. In the course of 5-7 years, the lucky few will continue on to managing director and ultimately to principal. Fortunately, the elite consulting firms maintain strong contacts with their alumni and provide built-in networking communities for those wishing to move into a company setting. C. The Lifestyle An individual consulting assignment, called an engagement, can last for many months, and sometimes years. On average a typical engagement lasts 3-6 months. There is some variance among firms, but in general a consultant is expected to be on site at the client s site for a large portion of the engagement. As a result, consulting work involves a tremendous amount of time away from home. As with law firm attorneys, there is also no standard schedule if a big presentation or deadline is looming, consultants are expected to put in the overtime to get the work done. The word on the street is that consultants generally work a similar amount of hours to large law firm associates, but with more travel. With this hard work also comes a high salary. Entry-level associates at a major consulting firm can expect to earn salaries similar to their colleagues at the larger law firms, with the expectation that their salaries will grow at a faster rate. For example, a new associate hired to an elite firm may start with a base salary of $130,000 plus a signing bonus between 10-25% of the base plus a performance bonus at the end of the year between 5-30% of the base. Unlike most law firms with lock-step salary structures, compensation for consultants is largely performance based. Salary increases and bonuses for consultants can vary widely by the third or fourth year with the organization. Yale Law School Career Development Office 12

14 D. Assessing Consulting Opportunities The Vault Career Guide to Consulting (available for download from the YLS Vault online library at and in CDO) offers useful starting questions for you to consider when researching consulting firms: Types of projects. Would you prefer to work on high-level strategy issues or the more down in the trenches operational details of a company? Is it important for you to be involved in implementation of the strategy? Would you prefer to focus on one industry or handle a diverse array of projects? Assignment system. Would you prefer to work on more than one engagement simultaneously or handle one project at a time? Consulting firms differ on their assignment processes. If you plan on remaining in consulting for only a couple of years, you may relish the opportunity to be exposed to as many managers and as many clients as possible. On the other hand, it may be easier to manage your lifestyle while reporting to only one master at a time. Client contact. How much client contact should you expect? Some consulting firms integrate client interaction more than others. Will your consulting project team only report to your client periodically or will you work more collaboratively with your client in getting your job done. Which would you prefer? Travel requirements. How much travel will be expected? Some companies will keep their consultants at the client s site for four workdays per week. Others may have you working in the home office more frequently than that. Some worldwide consulting firms will staff cases without regard to the home office of the consultant, while others will staff the matter with consultants residing in the office in closest proximity to the client. While every client will require different travel, consulting firms do have standard travel policies. In addition, be sure to reach out to alumni with consulting experience by using YLS Career Connections (www.law.yale.edu/careerconnections). Select consulting in the Employer Type field to locate alumni with consulting experience. You may also find it useful to tap into the University s Career Network (www.alumniconnections.com/yale) to find alumni from other schools at Yale who have or currently work in management consulting to gain their perspectives. Vault authors the Top 50 Management and Strategy Consulting Firms (available for download from the YLS Vault online library at to get you started in exploring employment settings. And of course most consulting firms have very sophisticated websites with sections devoted to career issues. These sites often provide information about the types of consulting positions they offer, typical projects and lifestyle, the skill set necessary for the job, the interview and selection process and more. In addition to the resources mentioned above, consult Appendix A for information about additional resources in CDO. Of particular value are the Vault and Wetfeet guides, including Wetfeet s Consulting for PhDs, Lawyers and Doctors that has an excellent overview of the industry and offers comparisons between law firm work and consulting work. Yale Law School Career Development Office 13

15 E. Job Search Strategy Consulting firms seek candidates with strong analytical and quantitative skills, teamwork capability, leadership, interpersonal skills, presentation skills, energy, flexibility, maturity, and creativity. Because the large consulting firms have offices around the world, they are also interested in candidates with strong foreign language skills. Most consulting firms do not hire 1Ls for summer internships. Instead, use your first summer to pursue employment that will help you to develop useful skills in preparation for interviewing with consulting firms in the fall of your second year. Working for a corporate law firm or as an intern for the legal department of a corporation are two good choices. Take some time during your 1L year and summer to reach out to upperclass students who have had consulting experience (using the YLS Student Employment Lists available at under Resources) and alumni in the consulting field (through If you don t already, start reading The Wall Street Journal, The New York Times business section, Fortune magazine and other business publications. If you do not already possess strong analytical and quantitative skills, consider taking a few courses at SOM, including strategy courses, Corporate Finance and Economics. In the fall of your second year, attend employer events at the Law School and those open to YLS students at other Yale schools. Conduct research into employers and then apply to consulting firms for summer internships. Determine whether any consulting firms are interviewing students at FIP. Reach out to other companies on your own using their websites to guide you through their application processes. Unfortunately, the typical recruiting season for consulting summer positions is early spring, not early fall as it is for law firms. One option is to apply to consulting firms in the early fall in conjunction with interviewing at FIP in the hopes that the consulting firm will hire you outside of their normal recruiting cycle. Another option is to forego FIP and apply to consulting firms in the early spring and keep your fingers crossed that you ll land a position. A third option is to interview at FIP, obtain a firm offer and ask them either to extend that offer until you ve had the opportunity to interview with consulting firms, or accept the offer for only part of the summer and hope a consulting firm will hire you for the other part. Like law firms, consulting firms offer full-time employment to summer interns who successfully navigate the summer experience. Consulting firms interview and hire for full-time positions in the fall, so at that point the consulting and law firm processes are aligned. As with law firms, the number of positions available correlates with the number of summer interns returning after graduation. Continue the strategies mentioned above of reaching out to fellow students and alumni, attending employer events in and around New Haven, and applying through the employer s application process. F. Application Materials Most of the large consulting firms want candidates to submit their applications online. During that process, you will be asked to upload a resume and cover letter; provide information about your SAT, LSAT and other standardized test scores; indicate which office locations are of interest to you; describe your foreign language skills; and perhaps answer an essay question. Even if the organization wishes to receive your application online, it is still extremely important that you first work your network. It is always preferable to get a foot in the door by reaching out to alumni, students or others who have a relationship with the employer. When crafting your resume, pay attention to the descriptions in your experience section. More so than with law firms, you need to use this section to focus on your accomplishments. Whenever possible, Yale Law School Career Development Office 14

16 quantify the results of your work demonstrate the direct impact of your contribution. Because leadership is important to consulting firms, use your resume to highlight the leadership roles you have taken on, both in the workplace and in school. For whatever reason, consultants seem to have a fondness for bullet points, while law firm recruiters do not. When using bullet points in your experience section, keep the bullets short and start each bullet with an action verb. You may also wish to include a list of courses you have taken at the Law School or at SOM that demonstrate your quantitative skills, if they are not already transparent. Whenever possible, keep your resume to one page. WetFeet s, Killer Consulting Resumes, is available in CDO and is a great resource to review before sitting down to draft your materials. G. The Interview Consulting interviews are a combination of behavioral and case interviews. The behavioral part is a typical interview with questions about you, your resume, and your accomplishments. Be prepared to answer questions related to your interest in consulting, especially as it relates to your decision to attend law school. Take the opportunity to highlight experiences that demonstrate your leadership ability, your communication and teamwork skills, and your analytical skills. Next, the interviewer will present you with a business case and ask for your opinion. Your job is to ask the interviewer questions that will enable you to make a recommendation. The case interview is not about coming up with the correct answer, but instead about how you think on your feet, analyze the problem, and articulate a solution. The case part is also meant to test your analytical, verbal and presentation skills. There are many resources available in CDO for you to use in gearing up for consulting firm interviews, including Case in Point and Crack the Case: How to Conquer Your Case Interviews. In addition, many of the large management consulting firms including McKinsey, BCG and Bain have practice cases available on their websites. Some consulting firms, including McKinsey, have incorporated a written assessment as part of the interview process. The McKinsey Problem Solving Test, as one example, is a 60 minute multiple-choice test that uses business scenarios, based on real McKinsey engagements, to help gauge your ability to think through business problems. Consulting firms will often provide a sample assessment for you to practice with ahead of time. Yale Law School Career Development Office 15

17 CHAPTER 3 FINANCE JOBS The world of finance has been appealing to some law students, typically those with business backgrounds, strong quantitative skills and no fear of working long hours. Although these employers do not typically recruit at YLS, students have had some success obtaining both summer internships and full-time positions with finance employers. In this chapter, we will discuss the most typical finance jobs, investment banking, private equity, and hedge funds. For additional information, read the alumni narratives in Chapter 4. A. Investment Banking Working for a large Wall Street investment bank has, for many years, been a sought after job choice among MBA graduates. These types of positions are known for their competitiveness, work pressure, prestige and huge salaries. Law students with an affinity for numbers, an aggressive go-get- em nature, a willingness to work A LOT, and an interest in earning huge sums of money, may want to consider this option. 1. The Industry Since the fall of 2008, the landscape of the independent investment bank and the entire banking industry had changed dramatically. Lehman Brothers went bankrupt, and both Merrill Lynch and Bear Stearns narrowly avoided collapse through sales to Bank of America and JPMorgan Chase respectively. Goldman Sachs and Morgan Stanley were converted from independent investment banks to bank holding companies in order to give them greater access to capital. The federal government played a significant role in orchestrating these deals and continues to play an important role through enhanced regulatory oversight of the banking industry. 2. The Job There are essentially three major professional divisions to a full-service investment bank: corporate finance (otherwise known as investment banking ); sales and trading; and research. Many investment bankers (and most YLS students interested in investment banking) are involved in corporate finance. This field encompasses both mergers and acquisitions (M&A) advising and underwriting. M&A involves negotiating and structuring a merger between two or more companies. Underwriting involves overseeing the process of raising capital for a company typically by selling stocks or bonds. Bankers involved in selling do just that they sell stocks to either individual investors or institutional investors or both. In simple terms, traders facilitate the buying and selling of stocks. Bankers in research (otherwise known as research analysts ), track stocks and bonds and provide advice about their purchase and sale. Some research analysts focus on a discreet industry. Bankers in corporate finance and sales rely heavily on the advice and recommendations from research analysts before communicating with their clients. For a good overview of this career path, read WetFeet s Careers in Investment Banking and Vault s Career Guide to Investment Banking, available in CDO. Investment bankers involved in corporate finance (the investment banking path most followed by YLS graduates) generally work on a deal team comprised of analysts (college graduates); associates (MBA and other advanced-degree graduates); Vice Presidents; and Directors/Managing Directors. Associates typically prepare pitchbooks; attend client presentations; conduct valuation analysis on companies; assist Yale Law School Career Development Office 16

18 in the execution of transactions by preparing engagement letters and internal committee memos; conduct due diligence; and assist in the negotiation of business and legal issues with companies, other bankers, and lawyers. On average, associates are promoted to vice president in three to five years, although this is no guarantee. In fact, one of the hallmarks of the industry is that promotions are based solely on merit. At the VP level, there is more direct engagement with clients, which typically involves significantly more travel. After that, exceptional performers are promoted to the director or managing director levels. The role of the director is to cultivate client relationships to generate business for the bank. At this level, bankers typically focus on clients in a particular industry. The responsibilities of investment banking associates are similar to those of a corporate law firm associate in the sense that bankers negotiate on behalf of their clients, draft documents, and conduct due diligence. They differ in a number of ways as well. Bankers pitch new ideas for transactions to companies and therefore get involved in transactions at an earlier stage (e.g., an acquisition idea, or a new security idea); bankers focus on the strategic implications of transactions (e.g., an industry transforming merger) more than the legal logistics; and bankers focus more on valuation (i.e., what is the right price to pay) than corporate lawyers. Most investment banks provide some type of training for new hires. In some banks, the training resembles a mini MBA school experience, with case studies and the like. At other banks, the training is more of the on-the-job nature. In any case, the training often includes assistance in preparing you for the National Association of Securities Dealers (NASD) licensing exams. The basic Series 7 General Securities license is required for most people involved in selling securities, including corporate finance and research professionals as well as salespeople and traders. 3. The Lifestyle Investment banking is a notoriously tough industry. There is a strong emphasis on hard work, ambition, and a willingness to do whatever it takes to get the job done. It is also an industry that revolves around money not everyone is comfortable with that type of environment. Not unlike a corporate law firm associate, the life of an investment banker revolves around the deal and is thus quite unpredictable. When the deal heats up, everyone on the team will be working at full throttle. When the market is soft, the work schedule can be a tad more reasonable. Although there can be some travel, especially as associates take on more responsibility with client meetings and road shows, it is not the type of travel-intensive job of a management consultant. Generally speaking, investment banking associates are thought to work longer hours than law firm associates and management consultants (associates on average work hours/week), and at a more hectic pace. In exchange for all this hard work however, come hefty salaries. Base salaries for associates at the large banks can range from $100, ,000. With end of year bonuses, associates can often double their base salary, although those end of year bonuses are discretionary. Vice Presidents typically earn $500,000 or more per year, and Directors can earn several million. Given the discretionary nature of banking bonuses, bankers overall incomes are very susceptible to market forces. 4. Job Search Strategy Commence your job search by learning everything you can about the banking industry and particular employers using the resources described in Appendix A of this guide including the Vault and Wetfeet Guides to investment banking. Visit employer websites, many of which offer career centers with information about the hiring process, advice for resumes and cover letters, a calendar of career events sponsored by the organization and more. Start focusing on current financial news and industry Yale Law School Career Development Office 17

19 information by reading the Wall Street Journal and New York Times business sections, watching CNN and the like. Once you have some knowledge of the industry, start networking with YLS alumni in the banking field using our alumni mentor network, YLS Career Connections (www.law.yale.edu/careerconnections). Select banking/finance in the Employer Type field to narrow your search. You may also find it useful to tap into the University s Career Network (www.alumniconnections.com/yale) to find alumni from Yale University who have worked or currently work in banking to gain their perspectives. Investment banks seek candidates who exhibit analytical and quantitative skills, business sense, and knowledge of finance. Look into taking courses at the Law School and/or at Yale s School of Management to enhance your knowledge. Because investment banks typically do not hire first-year law students for summer jobs, you should use your first summer to gain some general finance experience. Working for a law firm on corporate finance and merger and acquisition matters is a good option. In the fall of your second year, attend employer events at the Law School and those open to YLS students at other Yale schools. Continue networking with upperclass students, alumni from YLS and other Yale alumni with banking experience. Apply to banks for summer internships following the application process described on their websites. Investment banks typically expect summer intern applications in November, conduct interviews in January, and make decisions by February. As a result, you will have to make some decisions about how to conduct your second-year fall job search. You can forego fall interviews with law firms, or turn down firm offers after FIP, on the hope of landing an investment banking position in January. You can obtain a law firm job offer and then ask them to extend their response deadline to accommodate your investment banking job search. You can accept a law firm offer for half the summer and continue to seek investment banking positions for the other half. Finally, you can contact investment banks in September and request an early application process that matches the law firm hiring cycle (reaching out to alumni may be effective in this regard). Feel free to speak with a CDO counselor about which option(s) make the most sense for you. If you do not have luck securing a position as a student, consider working for a few years in a corporate group at a law firm and then transitioning. 5. Application Materials As with consulting firms, many investment banks have online application forms. During that process you will likely be asked to provide information about your academic background, results of standardized tests, language skills, and your preferences for practice areas. You will also be asked to upload a resume and cover letter. Even if the organization wishes to receive your application online, it is still extremely important that you first work your network. It is always preferable to get a foot in the door by reaching out to alumni, students or others who have a relationship with the employer. According to WetFeet s, Killer Investment Banking Resumes! (available in CDO), it is critical for the following four attributes to come across in your application materials for a banking position: quantitative/analytical ability; drive for results; communication skills; and a team player mentality. Revise your standard law resume to exemplify these attributes. Be sure to include any test results and grades that showcase your intellectual ability. Include relevant courses to highlight your financial acumen. As with Yale Law School Career Development Office 18

20 consulting firms, investment banks prefer the bullet point format, especially in the experience section. Use the bullets to provide information on results you achieved in the position and be sure to keep them short. Start each bullet point with an action verb. Whenever possible, keep your resume to one page. Refer to WetFeet s, Killer Investment Banking Resumes! for additional advice, including sample investment banking resumes and cover letters. 6. The Interview There are certain finance topics that are likely to come up in your banking interviews. These include valuing a company, discounted cash flow, market multiples, financial ratios, financing strategies for companies, general accounting information and stock analysis. In addition, as with most professions, investment bankers have their own lingo. Your interviews will go more smoothly if you familiarize yourself with banking job-related terms. Wetfeet s Beat the Street: Investment Banking Interviews, provides an excellent review of these topics and is well worth reading prior to interviews. It is also critical that you know what s happening on Wall Street and with the company around the time of your interview. A typical first-round investment banking interview is a 30-minute resume review and informal get-toknow you session. This interview will involve questions related to your prior work and school experiences, your knowledge of finance and banking matters, and your interest in a career in banking. You will likely also be asked a brainteaser question, like how many golf balls would fit in this room? For these types of questions, the key is not in the answer itself, but in your deductive reasoning skills in coming up with the answer. Yale s School of Management has put together a list of investment banking interview questions which is available in our CDO handout drawer. Mirroring the life of investment banking, your interview is likely to be fast-paced and aggressive. It is important to keep in mind that investment banking jobs are more sales-oriented than law firm jobs demonstrate that you have those skills by selling yourself in the interview. It is critical that you take the lead in demonstrating your analytical ability and your interest in this career path. Given that you are in law school, they will be cynical! If you make it through the initial round, you will be invited to second-round interviews at the office to which you ve applied. These interviews are typically half-day to full-day events. You may be seated in a conference room with a group of bankers at various levels in the organization interviewing you, or you may be sheparded around to individual offices. Interviews may be one-on-one, two-on-one or in a group setting. You will likely be taken out for a meal. Some banks conduct a third round in the office prior to extending offers. One hiring difference worth particular mention is the percentage of students receiving permanent job offers from the summer. Investment banks differ from law firms in their approaches to offers some will consistently provide only 60% of their summer associates offers, while others will give offers to 90% of their summers. If this is important to you, inquire during your interview about how the organization approaches the offer issue. Yale Law School Career Development Office 19

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